The ICO (Icon) image format is specifically designed for storing icons and small images, commonly used in graphical user interfaces. ICO files can contain multiple image sizes and color depths within a single file, allowing for scalability and compatibility with different display resolutions. Typically associated with Windows operating systems, ICO files serve as icons for applications, folders, and shortcuts, and they often include variations for various system displays, such as 16x16, 32x32, and 48x48 pixels. The .ico file extension is used for ICO files, making them easily recognizable in the context of iconography.